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Union Calendar No. 630 

115TH CONGRESS 

2D SESSION H. R. 5970 

[Report No. 115–811] 

To require the Securities and Exchange Commission to implement rules 

simplifying the quarterly financial reporting regime. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 24, 2018 

Mrs. WAGNER introduced the following bill; which was referred to the 

Committee on Financial Services 

JULY 10, 2018 

Reported with amendments, committed to the Committee of the Whole House 

on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on May 24, 2018] 


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•HR 5970 RH

A BILL 

To require the Securities and Exchange Commission to implement rules simplifying the quarterly financial reporting regime. 


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•HR 5970 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Modernizing Disclosures 

5 for Investors Act’’. 

6 SEC. 2. FORM 10-Q ANALYSIS. 

7 (a) IN GENERAL.—The Securities and Exchange Com8 mission shall conduct an analysis of the costs and benefits 

9 of requiring reporting companies to use Form 10-Q for sub10 mitting quarterly financial reports. Such analysis shall 

11 consider— 

12 (1) the costs and benefits of Form 10-Q to emerg13 ing growth companies; 

14 (2) the costs and benefits of Form 10-Q to the 

15 Commission in terms of its ability to protect inves16 tors, maintain fair, orderly, and efficient markets, 

17 and facilitate capital formation; 

18 (3) the costs and benefits of Form 10-Q to other 

19 reporting companies, investors, market researchers, 

20 and other market participants, including the costs 

21 and benefits associated with— 

22 (A) the public availability of the informa23 tion required to be filed on Form 10-Q; 


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1 (B) the use of a standardized reporting for2 mat across all classes of reporting companies; 

3 and 

4 (C) the quarterly disclosure by some compa5 nies of financial information in formats other 

6 than Form 10-Q, such as a quarterly earnings 

7 press release; 

8 (4) the costs and benefits of alternative formats 

9 for quarterly reporting for emerging growth compa10 nies to emerging growth companies, the Commission, 

11 other reporting companies, investors, market research12 ers, and other market participants; and 

13 (5) the expected impact of the use of alternative 

14 formats of quarterly reporting by emerging growth 

15 companies on overall market transparency and effi16 ciency. 

17 (b) REPORT REQUIRED.—Not later than 180 days 

18 after the date of enactment of this Act, the Commission shall 

19 issue a report to Congress that includes— 

20 (1) the results of the analysis required by sub21 section (a); and 

22 (2) recommendations for decreasing costs, in23 creasing transparency, and increasing efficiency of 

24 quarterly financial reporting by emerging growth 

25 companies. 


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Amend the title so as to read: ‘‘A bill to require the 

Securities and Exchange Commission to carry out a cost 

benefit analysis of the use of Form 10-Q and for other 

purposes.’’. 


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Union Calendar No. 630 

115TH CONGRESS 

2D SESSION H. R. 5970 

[Report No. 115–811] 

A BILL 

To require the Securities and Exchange Commisfinancial reporting regime. sion to implement rules simplifying the quarterly 

JULY 10, 2018 

Reported with amendments, committed to the Committee 

dered to be printed of the Whole House on the State of the Union, and orVerDate Sep 11 2014 00:29 Jul 11, 2018 Jkt 079200 PO 00000 Frm 00006 Fmt 6651 Sfmt 6651 E:\BILLS\H5970.RH H5970

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